NA body for protecting local industry through budgetary measures

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ISLAMABAD, MAY 16 (APP): The National Assembly’s Standing committee on Finance, Revenue, Economic Affairs, Statistics and Privatization while discussing various budget proposals Tuesday, stressed the need for protecting local industry through budgetary measures.
The meeting of the committee was chaired by Qaiser Ahmad Sheikh, which was attended by others MNAs Saeed Ahmed Khan Manais, Sheikh Fayyaz-ud-Din, Mian Abdul Mannan, Syed Mustafa Mehmud, Asad Umar, Sajida Begum and Sher Akbar Khan.
The committee while discussing various proposals by different sectors of economy urged that there should be level-playing field to help promote local industry.
Discussing issue of zero rating for dairy, wire and cable products, the committee was informed that the projects coming under Special Economic Zones and China Pakistan Economic Corridor (CPEC) were being provided incentives while there was no exemption on other projects.
The committee also discussed budgetary proposals related to printing and graphics, timber, pharmaceutical and other sectors of economy.
Earlier, the committee asked the State Bank of Pakistan (SBP) to come up with a proposal of targeted microfinance programme for disabled persons.
Discussing “the Microfinance Institutions (Amendment) Bill 2017, moved by Ms Sajida Begum, the committee observed that there was need to have targeted programme for the disabled.
The committee was of the view that microfinance institutions were having limitations in providing loans above certain limit.
The committee deferred discussion on the Islamabad Capital Territory Prohibition of Private Money Lending Bill 2017, moved by Sajid Naqaz, MNA and also deferred consideration on “An Eradication of Riba Bill, 2015, moved by MNA Sher Akbar Khan.
Discussing “the Auditor General’s (Functions, Powers and Terms and Conditions of Service)(Amendment) bill 2017 (Government Bill),” the committee was informed that the Public Accounts Committee has mandate only to give recommendation and not force for implementation.
However, taking part in the discussion, MNA Abdul Mannan informed the committee that PAC has recovered billions of embezzled money and has unearthed many scams effectively.
Meanwhile, the National Bank representatives informed the committee that the issue of raise in pensions would be discussed in the upcoming meeting of its Board of Directors and assured the committee that a reasonable increase would be made in the pensions.
The pensions were not raised since 2006, although there has been many raises in the salaries of regular employees of the bank.
Unanimously recommending the raise in the pensions, the committee however, observed that there should be a proper pension policy instead of taking decision in the board.
Meanwhile, National Accountability Bureau (NAB) briefed the committee about the actions it has taken against the people involved in the NBP Bangladesh Scam.
However, the committee asked the NAB to furnish complete details before the committee about the actions its has taken so far regarding the case.